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An entrepreneur is looking to purchase an office building. She will make quarterly payments at the beginning of the month . Her first payment will
An entrepreneur is looking to purchase an office building. She will make quarterly payments at the beginning of the month. Her first payment will be $1000, and each subsequent payment will increase by 20%. (That is, the second payment is $1,200, and the third payment is $1,440, and so on.) The loan will last 8 years. If the APR is 14%, how much did the office building cost?
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